The banks’ priority at this time is to mitigate the impact of the health crisis on families and businesses, and thus pave the way for economic recovery once the state of emergency is lifted.
Banks are collaborating with the Government in implementing the various approved measures, such as the official mortgage moratorium and loans guaranteed by the ICO. Furthermore, banks have dedicated themselves to helping their clients with voluntary measures and alleviating the effects of the economic crisis caused by COVID-19. Together and individually, they have announced various solutions to help those most affected.
There is a commitment to maintain current working capital lines, and more generous payment deferrals have been offered for mortgage principal and consumer loans than those established by law, as well as for housing rentals. Pension payments have been facilitated to strengthen the protection of our elderly. Additionally, the sector has worked with the SEPE to advance the payment of unemployment benefits. Likewise, the use of ATMs and payment terminals has been facilitated and made cheaper, while the maximum contactless payment amount without needing to enter a PIN has been increased to reduce the risk of contagion as much as possible. In parallel, banks are reinforcing the security of their clients’ digital operations.
Banks are fulfilling their role as a financing provider to the economy and facilitating the payment of financial commitments for those who need it most at this time. They are guaranteeing access to financial services through all existing channels: physical branches, mobile, and digital banking. This has been possible thanks to banking employees, whose commitment and effort ensure that clients have daily access to the necessary services to meet their financial needs. The economic paralysis has not prevented banks from fulfilling their payment obligations to the large number of companies that form their supplier base.
The decisions we make today will allow us to clear up the uncertainty about tomorrow. Banks are committed to doing everything possible to facilitate economic recovery once the current exceptional situation is overcome, and they have demonstrated this with the battery of measures adopted since the state of emergency was declared. The objective of the banking sector – yesterday, today, and tomorrow – is to evolve in favor of the interests of citizens and the Spanish economy. That is the scenario we envision.
José Luis Martínez, Spokesperson for the Spanish Banking Association
